A pioneering procedure is presented for the photochemical synthesis of aqueous solutions of hollow bimetal silver-gold nanoparticles in the presence of poly- N -vinylpyrrolidone. The structure and properties of synthesized nanocages were studied by the methods of high-resolution transmission electron microscopy, UV visible spectroscopy, and energy-dispersive X-ray structural analysis. The mechanism of the formation of AgAu nanocages was suggested on the basis of the experimental data.